Hungarian 2015 VAT updates
Sat 10th Jan 2015
The following measures were introduced to the Hungarian VAT regime from the start of 2015:
- The domestic reverse charge has been introduced for steel products. This is under the EU’s Quick Response Mechanism which enables member states to introduce the reverse charge in a limited number of sectors where they suspect fraud.
- Companies registering for Hungarian VAT will be required to submit monthly returns for the initial two years.
- The threshold for the domestic recapitulative statement is now for invoices above 1million. The statement, effectively a domestic Intrastat showing all sales and purchases concluded with Hungarian VAT registered businesses, is required alongside the VAT return.
- A new road freight transport tracking system, EKAER, has been introduced. This requires movements of goods by road from or to other EU member states to be reported, including details of products and values.